SCOTTSDALE, Ariz., Nov. 5, 2012 /PRNewswire/ - EGPI Firecreek, Inc. (OTCBB: EFIR) announced today it has signed a Definitive Agreement to prepare and conduct drilling programs aimed at the Barnett Formation in West Central Texas with CUBO Energy, PLC nominee/assignee Mondial Ventures, Inc. ("MNVN").

As previously reported, initial plans are to prepare ground work to conduct a 3-D Seismic study for 240 acres covering the Boyette property in Shackelford County, Texas and the surrounding region. The seismic study will focus on specific Barnett Shale formation characteristics that will assist in the drilling of one or two Barnett horizontal wells, or equivalent vertical wells on the Boyette lease. Proposed depth of future drilling is expected to be approximately 5,200? to 5,500? feet.

Recently, there have been Barnett wells in the immediate surrounding area that have been productive in the oil segment of the Barnett Shale which have justified the seismic study. Three previously producing wells exist on the properties and interests. Both companies feel that this is the perfect opportunity to co-develop their strategic plan for a co-partnered drilling program.

Based upon the success of the seismic testing, AFE for the Barnet Horizontal Well program would be estimated at approximately $750,000 per horizontal well subject to any recent market inflation adjustment. A two well objective based upon stabilization of the planned wells would be approximately 80 to 100 BOPD